Modern Wealth Celebrates 1st Anniversary with Double Deals
Modern Wealth Management, a registered investment advisory firm founded last year by former United Capital executives and backed by private equity firm Crestview, has announced the acquisition of Wealth Management Solutions and Autumn Wind Asset Management, bringing its total assets under management to more than $3.7 billion.
Philadelphia-based Wealth Management Solutions, which manages over $400 million in assets for more than 350 clients, was founded in 2015 by Tanu Happonen. The firm offers financial planning solutions, tax planning, estate planning, investment management and private market investment offerings.
Reston, VA-based Autumn Wind is a wealth management and multi-family office firm founded in 2000 by Neal Falkenberry, managing more than $170 million in client assets. The firm offers investment management services tailored for “large families with multigenerational wealth.”
Modern Wealth, which is backed by $200 million in equity funding from Crestview Partners, is looking to acquire high-quality registered investment advisory firms. The firm’s acquisition strategy has increased its overall planning skills, including tax planning and preparation, corporate retirement planning, and other specialty services.
Happonen and Falkenberry will take over as Modern Wealth’s managing directors.
“Wealth Management Solutions and Autumn Wind both stood out as being completely aligned with our culture, business model and dedication to exceptional client care,” said Jason Gordo, co-founder and president of Modern Wealth.
Gordo founded Modern Wealth in 2023 with co-CEOs Gary Roth and Mike Capelle, who worked together at United Capital, which Goldman Sachs acquired in 2019.
Over the past year, Modern Wealth has increased its headcount to 110 employees. It also recently strengthened its executive team by appointing Jason Del Col as head of advisory services.
The latest deal follows the acquisition of Rochester, NY-based Beltz Ianni & Associates, a corporate retirement planning and wealth management firm with more than $1.2 billion in assets.